Understanding IRS Transcript Codes: $3,770 Refund Issued (Code 846) & $9,462 Credit Transfer (Code 826) from 2020 Tax Year

Finally got movement on my transcript after filing in February. Had to get a tax advocate last week. I filed Married Filing Separate with an AGI of $34,334.00 and taxable income of $21,384.00. My tax per return was $2,360.00. Looking at my transcript dated May 01, 2023, I see several transactions that I need help understanding. The transcript shows my account balance is $0.00 with no accrued interest or penalties as of May 01, 2023. Here's what I'm seeing on my transcript: INFORMATION FROM THE RETURN OR AS ADJUSTED: - EXEMPTIONS: 01 - FILING STATUS: Married Filing Separate - ADJUSTED GROSS INCOME: $34,334.00 - TAXABLE INCOME: $21,384.00 - TAX PER RETURN: $2,360.00 - SE TAXABLE INCOME TAXPAYER: $0.00 - SE TAXABLE INCOME SPOUSE: $0.00 - TOTAL SELF EMPLOYMENT TAX: $0.00 RETURN DUE DATE OR RETURN RECEIVED DATE (WHICHEVER IS LATER): Apr. 15, 2023 PROCESSING DATE: May 01, 2023 TRANSACTIONS: - CODE 150: Tax return filed - 20231505 05-01-2023 - $2,360.00 (14221-438-58031-3) - CODE 806: W-2 or 1099 withholding - 04-15-2023 - -$15,593.00 - CODE 826: Credit transferred out to 1040 202012 - 04-15-2023 - $9,462.27 - CODE 971: Notice issued - 05-01-2023 - $0.00 - CODE 846: Refund issued - 04-19-2023 - $3,770.73 Can someone help interpret what all these codes mean? I understand that code 150 is the tax return filed showing $2,360.00, but I'm confused about why they took $9,462.27 (code 826 - Credit transferred out to 1040 202012). Also, there's a credit of $3,770.73 (code 846 - Refund issued) from April 19, 2023, but I haven't received anything yet. My W-2/1099 withholding shows -$15,593.00 (code 806). My account balance is currently showing $0.00 with no accrued interest or penalties as of May 01, 2023. I've been searching everywhere trying to figure out if my refund is coming soon, especially since I see that refund issued code from April 19th. Does the refund issued code mean it's already been sent out? If so, should I be concerned that I haven't received it yet?

0 coins

13 comments

Callum Savage

Your transcript shows a complete processing of your 2022 tax return with several key transactions. The initial withholdings of $15,593 (code 806) were applied against your tax liability of $2,360. The IRS then transferred $9,462.27 (code 826) to cover a previous tax debt from tax year 2020, as indicated by the "1040 202012" notation. After these adjustments, they issued you a refund of $3,770.73 (code 846) on April 19, 2023. Your current account status shows $0 balance with no penalties or interest, confirming all transactions have been properly processed. The transcript also verifies your filing status as Married Filing Separate with an AGI of $34,334 and taxable income of $21,384. The code 971 (Notice issued) with $0.00 amount typically indicates the IRS sent you a letter explaining these transactions, particularly the transfer of funds to cover the prior tax debt. Since your refund was issued on 4/19/23 (code 846), you should have received the $3,770.73 in your designated account within 5 business days of that date. This completes the processing of your 2022 return.

0 coins

- 1M